In a significant move that could bring much-needed relief to consumers, Dangote Refinery has reduced the ex-depot price of premium motor spirit (PMS) by ₦40, from ₦880 to ₦840 per litre, sparking expectations of a nationwide drop in pump prices.
The development, announced Monday, has triggered an emergency meeting of petroleum marketers, who are expected to implement a new pricing regime starting Tuesday, July 2, 2025.
Speaking exclusively to DAILY POST, Abubakar Maigandi, President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the price adjustment and welcomed the move.
“It is true. Dangote Refinery reduced its petrol ex-depot price to ₦840 from ₦880 per litre. We are happy. Our members will implement the new price once they load new products,” Maigandi said.
This adjustment follows a recent price hike on June 20, which was triggered by a global surge in oil prices amid escalating conflict between Israel and Iran. However, with the announcement of a ceasefire brokered by U.S. President Donald Trump, oil markets have cooled, pushing Brent crude down to $67.81 and WTI to $64.97 per barrel.
As a result, Dangote’s 650,000 barrels-per-day refinery has responded by revising its price template, setting the stage for a ripple effect across Nigeria’s fuel distribution chain.
“We will be meeting on Tuesday to review our PMS prices following the latest petrol reduction. Certainly, the petrol price will come down from tomorrow,” Maigandi added.
As of Monday evening, fuel stations in Lagos and Abuja were selling petrol between ₦875 and ₦970 per litre, depending on location and operator. Major outlets such as MRS, NNPC, AA Rano, Shafa, Mobile, Eterna, and AP Ardova were retailing at an average of ₦945, while others like Ranoil and Empire sold above ₦950.
Industry experts say this price drop could ease inflationary pressure on transportation, food, and logistics, offering temporary respite for struggling Nigerian households.
For many consumers battered by high fuel costs and a volatile economy, the refinery’s decision could signal a turning point — not just in pricing, but in public confidence in domestic refining capacity.